reports
- Ashish Kejriwal
GMDC's Q3FY20 results (Outperformer) - Triggers missing; awaiting volu...
Q3FY20 result- Operationally in losses; other income saves the day GMDC reported its worst ever operating performance in over a decade with EBITDA of Rs131m (IDFCe: Rs452m). Both of its business segments, lignite and power, disappointed with power slipping into EBIT losses again. Lignite segment suffers from higher mining cost which inturn was due to lower volume and higher stripping ratio at Mata-No-Madh mines (46% of volume). Other income, at Rs394m, was up 11% yoy and constitutes 133% of PBT...
- Ashish Kejriwal
GMDC's Q2FY20 results (Outperformer) - Growth missing; inexpensive val...
Q2FY20 result- underperformance on all fronts GMDC reported EBITDA of Rs276m, much lower than expected EBITDA of Rs708m due to lower than expected lignite realisation, higher mining costs (mining cost/t was up 36% yoy) and higher employee cost. On a yoy basis, EBITDA declined 64% due to lower lignite and power volumes and higher mining cost offsetting higher realisation. Mining EBIT, at Rs25m, was down 93% yoy due to lower lignite volumes (1.14mt, down 14% yoy), higher mining cost (Rs1,765, ...
- Ashish Kejriwal
GMDC's Q1FY20 results (Outperformer) - Growth missing; inexpensive val...
Q1FY20 result- Elevated mining cost hits profits GMDC reported EBITDA of Rs1.14bn, lower than expected EBITDA of Rs1.75bn due to higher mining costs (mining cost/t was up 37% yoy) which in turn were due to higher stripping ratio. On yoy basis, EBITDA declined 55% due to lower lignite volumes (2.3mt, down 26% yoy), lower power volumes (290mu, down 38% yoy) and higher mining costs offset by higher lignite realisation (Rs1,845/t, up 5% yoy). Mining EBIT, at Rs760m was down 61% yoy due to lower ...
- Ashish Kejriwal
Event update: GMDC (Outperformer) - Price booster
Event GMDC has announced an average price hike of ~Rs130/t (~10%) for lignite effective from 1st June, 2019. Details GMDC has earlier increased prices by an average Rs150/t in April 2018. GMDC’s lignite prices were trading at a discount of 20-35% compared to its alternative fuels on GCV basis. The company tried to bridge the gap by increasing the lignite prices by an average of Rs130/t (~10%) effective 1st June, 2019. The price hike ranges from Rs110-175/t across different mines. Notwithstand...
- Ashish Kejriwal
GMDC's Q4FY19 results (Outperformer) - Awaiting price hikes; inexpensi...
Q4FY19 result- Higher prices & lower mining cost offset volume decline GMDC reported EBITDA of Rs1,691m, up 26% yoy (55% higher than IDFCe) .The beat was due to lower than anticipated mining costs which in turn was due to lower overburden removal during the quarter. The EBITDA growth was due to higher realisation and lower mining cost which offset impact of lower volumes. Mining EBIT, at Rs1,379m was up 26% yoy despite 22% lower lignite volumes (2.66mt) primarily due to higher lignite realis...
- Ashish Kejriwal
GMDC's Q3FY19 results (Outperformer) - Declining volumes, high mining ...
Q3FY19 result- Higher mining cost & lower lignite volume drags EBITDA GMDC reported lower-than-expected operating results with EBITDA of Rs610m, down 53% yoy. This underperformance was due to higher mining cost which was due to much higher overburden removal cost. Mining EBIT, at Rs491mn, was down 64% yoy due to 22% lower lignite volume (2.1mt) and higher mining cost (Rs1,496/t, up 19% yoy) due to much higher overburden removal compared to lignite volume. Change from turnkey contracts for li...
- Ashish Kejriwal
GMDC's Q2FY19 results (Outperformer) - Mining disappoints
Q2FY19 result- Lower lignite volume & adverse mix drags down EBITDA GMDC reported lower-than-expected operating results with EBITDA of Rs755m, down 25% yoy. This underperformance was due to lower blended lignite prices amid change in mining mix and under recovery of fixed costs due to lower volumes in lignite. Mining EBIT, at Rs381mn, was down 37% yoy due to 20% lower lignite volume (1.33mt). Lower volumes resulted in under recovery of fixed costs. Rising diesel prices (+23% yoy) has also le...
- Ashish Kejriwal
Initiating coverage: GMDC (Outperformer) - A cash cow at a bargain pri...
Gujarat Mineral Development Corporation (GMDC), 74% owned by the Gujarat government, is a sole lignite merchant miner in the state with ~120mt of mineable reserves at the company’s existing mines. In April 2018, the company hiked lignite prices by Rs150/t across its mines, which we believe will spur FY19E earnings to Rs5.4bn (23% yoy). We estimate 6% CAGR in lignite prices and company’s renewed emphasis to improve profitability at its 250MW lignite-based power plant to drive 16% EBITDA CAGR over...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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